{"id":"F2005L01080","name":"Modification Declaration No 1 made under the Retirement Savings Account Act 1997","slug":"modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":34704,"registerId":"commonwealth-F2005L01080-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Modification Declaration No 1 made under the Retirement Savings Account Act 1997","content":"![](image.001.png)\n\nModification declaration No 1\n\nRetirement Savings Accounts Act 1997\n\nI, Brandon Khoo, a delegate of APRA under section 177 of the Act, DECLARE that subregulations 4.24(1) and 4.24(2) of the Regulations are to have effect in relation to RSA holders as if they were modified by inserting after subregulation 4.24(2):\n\n“(2A) During the period 1 July 2004 to 30 June 2005, the benefits of an RSA holder (including the RSA holder’s post-65 employer financed benefits) are not required to be cashed in accordance with paragraph 4.24(1)(a) or 4.24(2)(a).\n\n(2B) An RSA provider’s failure to cash an RSA holder’s benefits (including the RSA holder’s post-65 employer financed benefits) in accordance with paragraph 4.24(1)(a) or 4.24(2)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 1 is not a breach of those paragraphs.”\n\nThis Declaration commences on the date it is signed.\n\nDated 2 May 2005\n\n\\[signed\\]\n\nBrandon Khoo\n\nExecutive General Manager\n\n> Specialised Institutions Division\n\n  \n\nInterpretation\n\nIn this Declaration\n\nAct means the Retirement Savings Accounts Act 1997\n\n> APRA means the Australian Prudential Regulation Authority\n\n> Regulations means the Retirement Savings Accounts Regulations 1997","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2227},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a narrow, time-bound modification that suspends specific payout obligations for a single financial year. It does not expand the scope of the Retirement Savings Account Act beyond its original purpose of regulating retirement savings, but rather provides temporary regulatory relief within that framework."},"complexity_factors":["Only three defined terms in the interpretation section (Act, APRA, Regulations)","Single temporal limitation applying to a specific 12-month historical period","No nested conditional logic or exceptions-within-exceptions","Direct insertion of only two subregulations with no cross-referencing maze"],"plain_english_summary":"This instrument temporarily suspended the legal requirement for institutions offering Retirement Savings Accounts (RSAs) to cash out benefits on account-holders aged 65. From 1 July 2004 to 30 June 2005, providers (banks, credit unions, building societies) were relieved of mandatory payout obligations, and failures to pay between 1 July 2004 and the declaration date (2 May 2005) were treated as non-breaches. It gave a one-year payout reprieve and protection from penalties."}},"importantCases":[],"_links":{"self":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997","history":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997/history","analysis":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997/analysis","conflicts":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997/conflicts","importantCases":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997/important-cases","documents":"/api/acts/modification-declaration-no-1-made-under-the-retirement-savings-account-act-1997/documents"}}